McGrath RentCorp Q3 2024 Earnings Report
Key Takeaways
McGrath RentCorp reported a 10% increase in total revenues, reaching $266.8 million for Q3 2024. Net income from continuing operations was $149.3 million, or $6.08 per diluted share, which included a $103.5 million net income contribution from a merger termination payment. Excluding this payment, net income was $45.9 million, or $1.87 per diluted share.
Total revenues increased by 10% to $266.8 million, driven by higher rental operations and sales revenues.
Net income included a $103.5 million contribution from a merger termination payment.
Mobile Modular division was a highlight, with a 9% rental revenue growth.
Portable Storage and TRS-RenTelco experienced demand challenges, resulting in rental revenue decreases.
McGrath RentCorp
McGrath RentCorp
McGrath RentCorp Revenue by Segment
Forward Guidance
For the full year 2024, the company expects total revenue between $910 to $920 million, Adjusted EBITDA between $345 to $351 million, and gross rental equipment capital expenditures between $180 to $190 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income